Can Asian Money contribute to inflation, world food & petrol prices?

During the sub-prime crisis, Spengler, a writer in Asia Times
wrote this:

"A major theme is missing from the central bankers' annual retreat at Jackson Hole, Wyoming.
Everyone is talking about the collapse of the US home-price bubble and the danger of recession, but no one is talking about the suckers who financed the bubble, namely the savers of Asia. Asia will do so no longer.
If the United States wants Asian investors to continue to take risk on its shores, it will have to allow them to buy solid US companies, rather than the sort of debt derivatives that blew up this summer."

Well...it now seems like some Asian money is indirectly flowing into quality stocks but this is not enough.
As the US chose to devalue it's currency to get out of their financial crisis now China has trillions of worthless US$.
They can't exchange it and they can't get much interest for it, so it seems that they are now spending it stocking up on raw materials, food and petrol. This will increase world inflation, will cripple some economies and will bring misery and hunger to many people around the world.

The following article explains

Rice, death and the dollarby Spengler
The global food crisis is a monetary phenomenon, an unintended consequence of America's attempt to inflate its way out of a market failure. There are long-term reasons for food prices to rise, but the unprecedented spike in grain prices during the past year stems from the weakness of the American dollar. Washington's economic misery now threatens to become a geopolitical catastrophe.